Video

Silver’s short-covering rally has covered an impressive 15% rise over the past 17 session, suggesting it may be time to mean revert.

Whilst Wall Street only posted mild gains by Friday’s close, it is more impressive if we consider they fell over 2% at the start of the week.

The risk-on environment saw dollars quickly offloaded yesterday, which pushed the dollar index down to a key support level at 93.0.

Technically and fundamentally a bullish case has continued to build for both the US dollar and oil prices.

Markets will likely remain in holding patterns ahead of today’s FOMC meeting. Although gold and WTI have retained our attention with their potential bullish structures.

Commodities were broadly lower during risk-off trade, with metals leading the declines. Yet gold managed to buck this trend and close higher during risk-off trade.

The FTSE 100 broke below 7000 on Friday during its most bearish session in two months, bringing 6900 within easy reach for its next target.

Despite weakness across Wall Street, the Nasdaq 100 has held up relatively well which makes it an outperformer of late.

Strong data from Germany helped to boost sentiment for European indices yesterday, although eyes are also on the ECB to see if they will taper this Thursday.

We may not have seen WTI break above $70 yet, but that doesn’t mean it can’t. And the CRB commodities index suggests there could be more upside for commodities in general.

Another decent employment set supported oil prices overnight, seeing WTI probe 70 resistance ahead of today’s Nonfarm payroll report.

The Russell 2000 (RUT) has been an underperformer on Wall Street of late. Yet with large caps resting at their highs we suspect the RUT will try ad close that gap.

Starbucks enjoyed its most bullish session in 6-weeks yesterday. And price action suggests there could he further upside to come.

Tech stocks continued to take advantage of the Fed’s dovish stance, post-Jackson hole, helping Apple (AAPL) break to a new record high.

Equities and gold rose in tandem on Friday after Jerome Powell didn’t commit to a plan to taper this year.

If rising prices on lower volumes were of no concern to S&P 500 bulls, then yesterday’s bearish engulfing candle on high volume just might be.

Markets lay in wait as we approach Jerome Powell’s keynote speech at this year’s Jackson Hole Symposium, scheduled on Friday at 10:00 EST (15:00 BST)